As the year winds down, your nonprofit organization should be reviewing the current year and planning for the future. If there is not an annual meeting yet planned, we suggest that you take a look through your corporate bylaws, as most require at least one annual meeting to be held. Even if the meeting is not required, we highly recommend it as it is a great opportunity to make sure that the organization is current on all issues. A few important things to cover at the annual meeting include:
- Filing of the Annual Report with the state of incorporation.
- Confirming that tax returns are up to date.
- Confirming Solicitation Registrations are up to date with the appropriate states.
- Reviewing grant agreements to ensure terms and restrictions are being honored.
- Reviewing policies (executive compensation policy, whistleblower policy, insurance policy, etc.) and update if necessary. Please see the related post regarding policies here.
- Private Foundations should be reviewing grant distribution requirements and estimated tax payments to minimize excise tax burdens.
- Thanking any donors with proper acknowledgement in accordance with IRS requirements.